PROVIDENCE – Alex and Ani LLC has committed to donate $1 million to Rhode Island College. The award, announced Tuesday, will be paid in $100,000 increments annually over 10 years.

In recognition of the donation, Rhode Island College is naming its $17 million Art Center, currently under construction, Alex and Ani Hall.

“Rhode Island College is committed to building a world-class art and jewelry-making program in the years to come. Alex and Ani’s donation helps set the foundation for that to happen,” said RIC President Nancy Carriuolo in prepared remarks. “We are very proud that this building will bear the name of a local world-class lifestyle brand.”

Carriuolo went on to thank Alex and Ani owner Carolyn Rafaelian and company CEO Giovanni Feroce. “We are fortunate to have business leaders like Carolyn and Giovanni, who care deeply about higher education doing their part to enhance the quality of life in Rhode Island.”

“The catalyst for the gift was President Carriuolo’s passion and vision for Rhode Island College. She inspired us to support all that she was doing.” said Feroce in a statement. “We also recognized that RIC’s jewelry program, together with our company’s need for a well-trained workforce, is a collaboration that would be of benefit to both entities.”

There are currently 15 full-time faculty members who teach art programs at Rhode Island College. They serve roughly 240 undergraduate majors, 30 minors and 25 graduate majors. Approximately 2,000 students a year take classes in RIC’s art facility.

According to the release, RIC expects the new, renovated art facility to become a major draw in recruiting new students.

The first phase of the renovation project is expected to be completed by January 2013, with the second and final phase to be finished by January 2014.

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